Chelsea prices common stock public offering

Oct 1 2010

Chelsea Therapeutics International, Ltd. (Nasdaq:CHTP) announced today that it has priced a public offering of approximately 7.14 million shares of its common stock at a price of $4.90 per share which will result in gross proceeds of $35 million. Net proceeds to the company, after underwriting discounts and commissions and expenses, will be approximately $32.8 million. Chelsea has granted the underwriters a 30-day option to purchase up to approximately 1.07 million additional shares to cover over-allotments, if any. The offering is expected to close on or about October 6, 2010, subject to satisfaction of customary closing conditions.

Chelsea intends to use the net proceeds from the offering to fund its droxidopa programs, including commercialization and marketing activity for Northera™ (droxidopa), to fund its study of CH-4501 for the treatment of rheumatoid arthritis, to fund development of its other product candidates and for general corporate purposes.

Deutsche Bank Securities Inc. was the sole book-running manager for the offering with Needham & Company, LLC acting as a co-manager. Roth Capital Partners, LLC served as a financial advisor for the offering. Chelsea has filed a shelf registration statement on Form S-3, as well as a prospectus supplement and accompanying prospectus, with the Securities and Exchange Commission (SEC).